Gold futures settled lower for a fifth session in a row on Thursday, as traders tracked discussions about a debt deal for Greece that appeared to be increasingly unlikely to materialize ahead of a deadline at the end of the month.
Gold for August delivery on Comex fell $1.10, or 0.1%, to settle at $1,171.80 an ounce. Tracking the most-active contracts, that was the fifth straight session of losses and prices stand at their lowest settlement since June 5.
September silver declined by 4.9 cents, or 0.3%, at $15.841 an ounce.
Greek Prime Minister Alexis Tsipras on Thursday met with heads of the International Monetary Fund, the European Commission and the European Central Bank, which oversee Greece’s bailout, to agree on a reform plan to present to the Eurogroup. The International Monetary Fund said Greece would be immediately be in arrears if it fails to make a $1.7 billion debt repayment due June 30.
The dollar Thursday, however, was little changed against its major rivals following better-than-expected economic reports. Fresh readings on U.S.weekly jobless claims and consumer spending roughly matched the expectations of economists polled by MarketWatch.
In other metals trade, October platinum tacked on $9.20, or 0.9%, to $1,083.70 an ounce, while September palladium slumped by $16.35, or 2.4%, to $679.35 an ounce.
Source : MarketWatch